If you’re worried about the toll the uncertain economy could take on your finances, you’re not alone. You can draw on that concern to formulate a plan: An action plan.

What is the strategy for your family if you were suddenly unable to preserve the status quo? Follow these steps to get a handle on the present and secure the future.

1. Build a Safety Net: Call it a safety net, an emergency fund or a rich uncle. No matter, you need one.

FiLife recommends saving up to eight months of expenses. If you don’t have anything saved up yet, don’t be discouraged. Anticipating job loss or other major emergency can keep your family afloat and let you focus on getting back on your feet.

To get started on your safety net, think about your key household expenses. Before building a budget (Step 3), you should know how much you spend in major categories and consider the relative importance of each category. The table below is just an example.

Other categories to consider include recreation, charity, small business and debts.

Putting away as much as you can each month–$100 or $1,000–will give you comfort as you see your financial buffer grow. Even if you don’t have a large emergency fund, you can still find ways to manage during prolonged unemployment without resorting to acquiring more debt.

2. Find Shelter:  To avoid your own mortgage mess, determine the path to your dream. Even with mortgage rates goosed artificially low, renting may make the most sense for your situation. If a home purchase is in the cards, be realistic about your current and future family income BEFORE you hop into a home loan or a starter home.

Already in your home? Can you afford to keep it? There are steps you can take to lock-in low long-term mortgage rates or talk to your lender about other ways to take some bite out of your payments.

It’s also important to realize that you may own too much house. While prices around the country have tumbled, there’s no better time to consider selling your house than now. After all, it could sit on the market for months at this point. No reason not to get a head start.

3. Set a Budget: It’s the dreaded money-saving word, but it’s a financial necessity. A budget is the ultimate game plan. It’s what keeps you on track everyday.

Why should you budget? Knowing where you money goes is an essential step to stopping money leaks you never knew you had. How to do it is a matter of personal preference, but budgeting software is an excellent way to track your expenses.

Consider paring down your grocery shopping–you can still eat well on a budget! You can even keep your look stylish and fashionable while watching your spending. Having a positive attitude for budgeting, and seeing it as a tool instead of a road block, will help you reach your goals.

4. Know Your Family, Friends and Neighbors: We’re all in this together. The core tenet of Family Finance at FiLife requires you to survey 360 degrees for those whom you influence or depend on.

Get a handle on any estate issues first. No matter if you are a young single or a hip grandparent, you have a financial legacy to plan for. And you have no control over when the legacy goes in to play, so get started.

Be sure to back everything up and make sure all of your important documents and passwords are entrusted with a relative or friend. Such an accounting will help both you and family should the need arise.

Who is on your side? Should disaster strike, who will be making important decisions about you and your life? Find someone you trust and codify your plans with a lawyer.

5. Live a Little: Sure, you may be worried and looking for ways to cut back, but you still need to enjoy yourself. Pick your luxuries wisely (and, perhaps, more frugally) and indulge while you add to savings and hack away at debt.